Annual report pursuant to Section 13 and 15(d)

Accounts Payable and Accrued Expenses

v3.20.4
Accounts Payable and Accrued Expenses
 12 Months Ended
Dec. 31, 2020
Payables and Accruals [Abstract]  
Accounts Payable and Accrued Expenses

NOTE 12 - ACCOUNTS PAYABLE AND ACCRUED EXPENSES

 

Accounts payable and accrued expenses consist of the following:

 

    Year Ended December 31,  
    2019     2020  
             
Accounts payable   $ 15,400     $ 9,877  
Accrued warranty     632       705  
Accrued compensation     5,517       5,581  
Government authorities     2,172       3,047  
Other current liabilities     310       1,015  
                 
    $ 24,031     $ 20,225  

 

The Company’s products are warranted against defects in materials and workmanship for a period of 1-3 years from the date of acceptance of the product by the customer. The customers may purchase an extended warranty providing coverage up to a maximum of 60 months. A provision for estimated future warranty costs is recorded for expected or historical warranty matters related to equipment shipped and is included in accounts payable and accrued expenses in the Consolidated Balance Sheets as of December 31, 2019 and 2020.

 

The following table summarizes warranty activity during the years ended December 31, 2019 and 2020:

 

    Year Ended December 31,  
    2019     2020  
             
Accrued warranty reserve, beginning of year   $ 422     $ 742  
Accrued warranties assumed     483       -  
Accrual for product warranties issued     574       784  
Product replacements and other warranty expenditures     (484 )     (667 )
Expiration of warranties     (253 )     (52 )
                 
Accrued warranty reserve, end of period (a)   $ 742     $ 807  

 

(a) Includes accrued warranty included in other long-term liabilities at December 31, 2019 and 2020 of $110 and $102, respectively.